Identify stress points, FM Sitharaman asks PSBs

Finance Minister Nirmala Sitharaman chaired a meeting to review the performance and preparedness of the Public Sector Banks (PSBs) on Saturday in New Delhi.The review was based on various financial health parameters and the resilience of PSBs in light of the current global financial scenario emanating from the failure of some international banks in the USA and Europe. 
During the meeting, Ms Sitharaman emphasised preparedness along with due diligence through adherence to the regulatory framework by focusing on risk management, diversification of deposits and asset base. She underlined that the PSBs must look at business models closely to identify stress points, including concentration risks and adverse exposures. The Minister has urged the PSBs to use this opportunity to frame detailed crisis management and communication strategies. Ms Sitharaman also advised the PSBs to aim at increasing brick-and-mortar banking presence in border and coastal areas. Sitharaman also highlighted that PSBs must leverage the full potential of branches opened in International Financial Services Centres in GIFT City Gujarat to identify international opportunities, including prospects related to Persons of Indian Origin (PIOs).